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- **Strong Q3 Growth**: 3.3% revenue growth, 6.1% EBITDA expansion, and 80 basis point margin improvement highlight operational resilience.
- **Sustainability Momentum**: Polymer Centers and RNG projects driving long-term growth, with 137 EVs in fleet advancing electrification.
- **2026 Outlook**: Mid-single-digit revenue growth expected, with EBITDA and free cash flow growth outpacing revenue despite $100M non-recurring 2025 event-driven volumes.
- **ES Recovery**: Environmental Solutions demand stabilizing in Q3, with pipeline expansion signaling 2026 recovery from manufacturing softness.
- **Capital Allocation**: $1B+ in 2025 acquisitions, with strong M&A pipeline for balanced growth across Recycling & Waste and ES.

**【CEO Summary Section】**
- **Revenue Growth**: 3.3% year-over-year, driven by 4% yield on total revenue and disciplined pricing. Adjusted EBITDA grew 6.1%, with an 80 basis point margin expansion to 32.8%.
- **Customer Retention**: 94% retention rate, supported by strong service delivery and a 94% Net Promoter Score.
- **Volume Challenges**: Organic volume decreased 30 basis points due to softness in construction and manufacturing, offset by hurricane recovery and event-based landfill activity.
- **Sustainability Initiatives**: Polymer Centers in Indianapolis and Allentown (expected Q4 2025) and 6 RNG projects operational, contributing to free cash flow growth.
- **Capital Allocation**: $1B+ in acquisitions year-to-date, with a strong pipeline for 2026, balanced across Recycling & Waste and Environmental Solutions.

**【CFO Financial Commentary】**
- **Earnings**: Adjusted EPS of $1.90, up 12% YoY. Year-to-date free cash flow of $2.19B, supported by EBITDA growth and capital expenditure timing.
- **Event-Driven Volumes**: $100M in hurricane and wildfire cleanup revenue, contributing a 30 basis point margin benefit. Q3 landfill volumes included $35M from Carolinas hurricane recovery.
- **Cost Management**: 20 basis point margin improvement from operational efficiency, offset by 20 basis points from lower recycled commodity prices ($126/ton vs. $177/ton YoY).
- **Debt & Liquidity**: Total debt $13.4B, leverage ratio 2.5x, with $2.7B liquidity.

**【Q&A Highlights】**
- **2026 Outlook**: Mid-single-digit revenue growth expected, with EBITDA and free cash flow growth outpacing revenue. Headwinds include $100M non-recurring 2025 event-driven volumes and commodity price volatility.
- **Environmental Solutions (ES)**: Q3 revenue down $32M YoY due to manufacturing softness, but demand stabilizing in Q3. Pipeline expansion suggests recovery in 2026.
- **M&A Strategy**: Pipeline remains strong, with focus on small- to medium-sized deals in both Recycling & Waste and ES. 2025 acquisitions exceed $1B, with continued activity expected.
- **EV Adoption**: 137 EVs in fleet (150+ by year-end), supported by 32 facilities with commercial-scale charging infrastructure. Fleet electrification driven by customer demand and sustainability goals.
- **Commodity Pricing**: Recycling processing and commodity sales reduced organic growth by 20 basis points. Current commodity prices ~$120/ton, with no significant hedging strategies beyond fee-for-service models.

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